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外部治理环境的激励、约束效应对投资行为的影响

The effects of incentive and constraint of external governance environment on investment behavior

完善的公司治理机制不仅需要内部治理的支持,更受到外部治理环境质量的影响。La Porta等人的一系列研究促使人们更加关注外部治理环境对企业决策的影响。

Good corporate governance mechanism requires not only support of internal governance, but is also affected by external environment. A series of studies by La Porta et al encourage people to pay more attention to the effect of external governance environment on corporate decisions.

(1)区域创新能力的激励效应。创业板的定位是为符合“两高五新”的企业提供权益性融资服务,成长性、创新性和高技术性是考核企业能否在创业板上市的核心指标。而企业的发展离不开其成长的环境,其创新能力与所在区域政府对科研事业的投入强度、当地人才教育情况、经济发展程度以及居民收入等因素密切相关。创业板上市公司来自于不同地区,而各地区对自主创新能力和新兴产业的培育与扶持具有显著的差异(柳卸林,陈傲,2012)。自主创新能力较强的区域对高新技术产业扶持力度更强,配套的制度和政策更加健全,这些因素都将引导和激励高新技术企业做出有效率的投资决策。因此,本文提出假设4:

(3)Incentive effect of regional innovation capability. GEM is established to provide equity financing service to "Two High and Five New" enterprises and the core index to examine whether an enterprise can go public in GEM is its growth, innovation and high technology. The development of an enterprise is inseparable from its growth environment, and its innovation capability is closely related to investment in scientific research by local government, the local education situation and economic development, resident income and other factors. GEM listed companies are from different regions, and there are notable differences between different regions in their cultivation and support of innovation capability and emerging industries. (Liu Xielin, Chen Ao, 2012). Regions with better innovation capability better support the high-tech industry, and have better supporting system and policies. These factors guide and encourage high-tech enterprises to make efficient investment decisions. Therefore, this thesis proposes hypothesis 4:

假设4:在其他条件不变的情况下,较强的区域创新能力能起到缓解非效率投资的激励效应。

Hypothesis 4: if other conditions remain unchanged, better regional innovation capability has the incentive effect on relieving inefficient investment.

(2)区域法制环境的约束效应。La Porta等人的一系列研究表明公司治理水平和结构很大程度上取决于国家的法治程度。一方面,我国相关法律尚未起到保护好企业知识产权的职责,盗用他人研究成果的行为时有发生,导致我国企业对技术研发的投入较少,多余现金流更多流向自身非特长领域,降低了投资效率。另一方面,在我国证券市场上,虽然投资人的利益受《证券法》的保护,但是公司高管欺诈投资人和大股东侵害中小股东的案例屡见不鲜。相关法律未能得到有效实施是以上两个问题产生的重要原因之一。虽然不同地区创业板上市公司面临的国家总体法律环境一致,但各地区的执法水平和力度有很大差异。可以预见,在法治环境较好的地区,企业投资人的利益越有可能受到法律的保护,从而促使企业做出有效率的投资决策。因此,本文提出假设5:

(2) The constraint effect of regional legal environment. A series of studies by La Porta et al have shown that the corporate governance and structure depend largely on the rule of law of the country. On one hand, China's relevant laws have not played the role to protect corporate intellectual property, and infringement of other's research results occurred from time to time, which leads to little investment in technology research and development by Chinese enterprises, and the surplus cash flow goes to fields of non-speciality, and thus reduces the investment efficiency. On the other hand, in China's stock market, although the interests of investors are protected by "Securities Law", the cases of companies' executives cheating investors and large shareholders cheating medium and small shareholders are often seen. One of important reasons for the above problems is that relevant laws have not been effectively implemented. Although national laws are applied to all GEM companies from different regions, level and efforts of law enforcement significantly vary in different regions. It can be predicted that a region's legal environment is better, the interests of corporate investors are more likely to be protected by law, and thus companies can make efficient investment decisions. Therefore, this thesis proposes hypothesis 5:

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